Almost nobody is repaying their student loans

Yahoo Finance ^ | 7/15/21 | Rick Newman

[millenial4freedom]

In the 2020 CARES Act, Congress gave student-loan borrowers a temporary break from repaying their loans. President Trump extended that twice and President Biden once, with loan payments now set to resume Oct. 1, 2021. Borrowers could have kept paying if they wanted to, but almost nobody did. As Tom Lee of the American Action Forum recently explained, the portion of borrowers repaying their student loans dropped from 46% at the beginning of 2020 to 1% today. The portion of borrowers in forbearance rose from 10% to 57%. The rest include borrowers who are still in school, who have gotten deferments or who have defaulted.

[millenial4freedom]

What a fool I was for continuing to pay my student loans for the last year and a half...

[z3n]

Me too. I ran up some credit cards when I was in school too, so my priority was those. Then the loans.

It’s such an old school notion not to want to be a debtor to anyone.

[Mom MD]

My daughter has 350k in student loans and is still in residency. You bet she took a break when offered. She has saved snd invested the money and will resume paying when required in October with a. ice nest egg behind her for emergencies

[Mom MD]

should be 250’k

[Behind Liberal Lines]

Wait until you’re subsidizing the loan forgiveness program for everybody else.

[UnwashedPeasant]

The schools should be on the hook for unpaid school loans.

[C210N]

I’m all for this. It’s part of NESARA.

Coming soon to a home mortgage near you.

[rarestia]

I had my student loans paid off within 5 years of graduation, but I also graduated with an engineering degree and hopped into a decent role within 6 months of graduation. Anyone who got a BA in Liberal Arts is likely standing in picket lines demanding a $15/hr. “living wage.”

[Da Coyote]

“The schools should be on the hook for unpaid school loans.”
Agree, that would be an ideal solution. And it would eliminate all those joke degrees like “Underwater Lesbian Rain Dancing” since university faculty know that those students are forever doomed to poverty. Unless they become Democrat congresscritters.

[cockroach_magoo]

It’s such an old school notion not to want to be a debtor to anyone.

More generally, it's an old school notion to abide by contracts. Student loans, mortgages, marriage, oath of office, US Constitution...

[Trinity5]

Same here...

[Night Hides Not]

I was lucky, I graduated from college in 4 years with no student debt. My ROTC scholarship paid for all tuition, books, lab fees, etc. In exchange for that, I was obligated to serve 4 years on active duty.

I served an additional four years, earned my Masters degree through the GI Bill. Paraphrasing Chico Escuela, the Army was "berry berry good to me."

[Lockbox]

So since the ‘profit’ was going to fund ObamaCare, now what?

[z3n]

More generally, it’s an old school notion to abide by contracts. Student loans, mortgages, marriage, oath of office, US Constitution...

~~~

I wonder if personal integrity is racist, like math.

[Truth29]

“What a fool I was for continuing to pay my student loans for the last year and a half...”

The same for so many of us. Also, the same thing is going to happen for many renters who struggled to continue to pay the rent and now many who didn't are going to get a government bailout if they allege that they couldn't pay because of Covid-19.

[FreedomPoster]

Hard-Working Plumber Looking Forward To Paying For His Neighbor’s Gender Studies Degree
https://babylonbee.com/news/hard-working-plumber-looking-forward-to-paying-his-for-his-neighbors-gender-studies-degree

[CIB-173RDABN]

Ran across this on YouTube

Your College Degree Is Probably Useless. Dry Bar Comedy

https://www.youtube.com/watch?v=g5e2rfV_Yz4&t=238s

[beef]

“It’s such an old school notion not to want to be a debtor to anyone.”

At one time, if you didn’t pay your bills people would whisper things about you. Now if you pay your bills you are a chump.

[Chauncey Gardiner]

Since the program was taken over by the feds under Obama, there really is no need to pay anything back. This was their intent.

[SamAdams76]

When I got out of the Marine Corps, I used my VEAP money to go to trade school and skipped the college scene entirely.

By age of 23, I was working full-time debt free. Still mostly debt free except for a car payment (which I get a car allowance at work for) and have retirement savings well into seven figures.

Not going to college at all worked out very well for me. I also did not let my own children fall into the trap of taking out student loans either. They are all grown up now and doing very well for themselves - with no student loans.